For immediate release
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NEW YORK, May 28, 2019—The Insurance Information Institute (I.I.I.) today released its just-updated A Firm Foundation: How Insurance Supports the Economy. The 2019 edition is now available online free of charge.
“Insurance is the lifeblood of any developed economy, as it enables individuals, businesses and even governments to transfer risk to further invest and grow,” said Sean Kevelighan, the I.I.I.’s CEO. “Research shows that the most prosperous countries in the world also have the highest penetration of insurance. Part of the I.I.I.’s mission is to help more Americans realize the extraordinary impact the insurance industry has on their daily lives as well as the communities where they work and live. This report puts a spotlight on the industry’s contributions to the U.S. economy.”
A Firm Foundation: How Insurance Supports the Economy contains charts and tables which highlight the vital roles played by insurers, whether it is helping communities recover financially from major catastrophes or investing in municipal bond markets. In addition, the report delivers a snapshot of the industry’s economic impact in every U.S. state.
The U.S.’s property/casualty (P/C) insurers, a group consisting of auto, home, and business insurers, as well as life insurers, are major employers, investors, and taxpayers, according to the 2017 data included in the 76-page report. The numbers below exclude U.S. health insurers’ economic contributions.
- U.S. P/C and life insurer employment—2.7 million jobs, a number which includes positions with carriers, agencies, brokers, and other insurance-related enterprises
- Financial Assets under management—$5.8 trillion, with $1.7 trillion overseen by the P/C insurance sector and $4.1 trillion by life insurers
- Gross Domestic Product (GDP) contributions—$602.7 billion in economic activity was generated by P/C and life insurers, accounting for 3 percent of the U.S.’s GDP in 2017
- Premium taxes paid—$21 billion, a number equal to $64 for every U.S. citizen; these are taxes paid by insurers to the 50 states
A Firm Foundation: How Insurance Supports the Economy is updated continuously by the I.I.I. as new information becomes available.
The I.I.I. has a full library of educational videos on its YouTube Channel. Information about I.I.I. mobile apps can be found here.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
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